Legitimacy of the Legal Person in Trading Companies

Legal person has many practical impacts in business law. Issues related to trading companies and rules governing these types of companies will not be fully grasped without knowing and analyzing the concept of legal person. Jurists have defined legal person when commenting on some articles of trade law. To suppose a legal personality independent from real persons for a trading company entails some liabilities and consequences from legal point of view. The question is whether an imaginary contractual personality can have responsibilities and rights similar to real persons and do business from a jurisprudential point of view or not. There is no precedence for this discussion in Shiite jurisprudence and some contemporary jurisprudents have regarded it among the newly
occurred issues and few of them have mentioned this issue and have commented on it in response to queries by their followers. These opinions can be categorized into two groups: first, acceptance of the legal person, second, rejection of the legal person. This article explores and criticizes these two viewpoints and explains the reasons for the legitimacy of legal person in detail. Accepting the legal person for trading companies does not imply that all legal consequences and impacts enumerated in trade law and interpreted in legal texts should be completely accepted rather its legal consequences and impacts are a matter of scholarly debate.